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. . ORDINANCE NO. 93- 09 IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO (1170) AN ORDINANCE AMENDING TITLE II CHAPTER 3 OF THE SAN LEANDRO MUNICIPAL CODE RELATING TO REAL PROPERTY TRANSFER TAXES AND DECLARING THIS AN URGENCY ORDINANCE TO TAKE EFFECT IMMEDIATELY BECAUSE IT RELATES TO TAXES FOR THE USUAL AND CURRENT EXPENSES OF THE CITY. RECITALS 1. During the past three years, the city has reduced its expenditures by $4 million. The state is planning on reducing funding to the City by $1.2 million during the 1993-94 fiscal year. This proposed increase in the real property transfer tax is crucial in order to provide $1.1 million in additional revenue that is needed to balance the City's budget due the impact of the state reductions. 2. For the Proposed 1993-94 City Budget, the Vision Task Force (which was comprised of 51 citizens from throughout the City) recommended the City'S real property transfer tax be increased from the current rate of $2.00 to $6.00 per $1,000 of sales value. While this tax is imposed on the sale of all property, as an example, if a home sold for $200,000 in San Leandro, the real property transfer tax would increase from $400 to $1,200. This is not a tax on existing homeowners. The tax is collected only when a home is sold and the cost is typically split between the buyer and seller. As shown below, San Leandro's tax rate of $2.00 per $1,000 is currently the lowest of any Charter City in Alameda County: City Current Real Property Transfer Tax* Alameda Albany Berkeley Hayward Oakland Piedmont San Leandro $ 4.40 Per $1,000 $ 6.40 Per $1,000 $15.00 Per $1,000 $ 4.50 Per $1,000 $12.50 Per $1,000 $ 6.50 Per $1,000 $ 2.00 Per $1,000 Anticipated 1993-94 Tax Rate $ 6.40 $ 6.40 $15.00 Unknown $15.00 $12.50 $ 6.00 * In addition to the City tax, Alameda County imposes a separate charge of $1.10 per $1,000.